I am in the process of Divorce. I have agreed to a buy out of our house in 2 installments. One of which i have received, the second after she completes BK. My question is, at what point does my entitlement to the property end. After the first installment or final payment? Can she mandate that I remove my remaining property before final payment?

rayner7777 wrote:I have agreed to a buy out of our house in 2 installments. One of which i have received, the second after she completes BK.

Which chapter? Are you aware of the time frames for each (CH13 can be up to 60 months)? Do you know how the automatic stay factors into your case? If she is in BK, how can she be buying you out of a home? Doesn't BK mean you have no money to pay your debts?

I'm going to assume your name is on the deed and loan. Under no circumstances sign a quick claim deed until after you receive all the money you are entitled to and even more importantly until the house is refinanced or paid off so that your name is not on the loan.

rayner7777 wrote:I am in the process of Divorce. I have agreed to a buy-out of our house in 2 installments. One of which i have received, the second after she completes BK. My question is, at what point does my entitlement to the property end. After the first installment or final payment? Can she mandate that I remove my remaining property before final payment?

I smell financial entanglement, Bro.

Before signing the Quit Claim, be sure to lock in the second installment by you holding a second mortgage as collateral. That way, if she defaults, you are first in line to foreclose.

You want an iron-clad contract written by a real estate attorney. You also want this transaction handled through escrow.

Tom

Like football, family court is a game of inches. A John Madden strategy

rayner7777 wrote:I have agreed to a buy out of our house in 2 installments. One of which i have received, the second after she completes BK.

Which chapter? Are you aware of the time frames for each (CH13 can be up to 60 months)? Do you know how the automatic stay factors into your case? If she is in BK, how can she be buying you out of a home? Doesn't BK mean you have no money to pay your debts?

June of this year is when her BK ends (ch 13) I am not in BK. the stipulations of the divorce are that once discharged and the second mort. is striped she has a time frame to pay the final installment. until then, base on the question i posted. Do i still hold intrest in the property?

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